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INCOME TAX APPELLATE TRIBUNAL (MUMBAI BENCH)
RASHMI SEVENTILAL VAKHARIA MUMBAI – Appellant
Versus
ITO WARD 41(3)(3) MUMBAI – Respondent
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI “D” BENCH : MUMBAI BEFORE SHRI VIKRAM SINGH YADAV, ACCOUNTANT MEMBER AND MS. KAVITHA RAJAGOPAL, JUDICIAL MEMBER Assessment Year : 2018-19
R ashmi Seventilal Vakharia, C-21, Malad Gaurav Co-Op. Housing Society, Dahyabhai Patel Road, Hajibapu, Malad East, Mumbai-400097. PAN : ADGPV4261R
v s.
Income Tax Officer, Ward-41(3)(3), Mumbai.
(Appellant)
(Respondent)
For Assessee : Shri Sunil Maloo (Virtually present)
For Revenue : Shri Annavaran Kosuri Date of Hearing : 21-01-2026 Date of Pronouncement : 28-01-2026
O R D E R
PER VIKRAM SINGH YADAV, A.M :
This is an appeal filed by the assessee against the order of the Learned Commissioner of Income Tax (Appeals)-National Faceless Appeal Centre (NFAC), Delhi [„Ld.CIT(A)‟], dated 24-03-2025, pertaining to Assessment Year (AY) 2018-19.
2. Briefly the facts of the case are that the assessment in this case was completed u/s. 143(3) r.w.s. 143(3A) & 143(3B) of the Income Tax Act, 1961 („the Act‟) vide order dt. 13-04-2021, wherein the AO has brought to tax an amount of Rs. 3,17,30,016/- being the difference of stamp duty value over the purchase consideration, invoking the provisions of sect
Court affirmed that for assessing income, stamp duty valuation prevails under Section 56(2)(vii)(b)(ii) to counteract under-reporting in property transactions.
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